Q2 Delinquency Rate Decrease Represents All-Time High

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On the surface this seems like great news but a large part of this decline was from institutions finalizing foreclosures that had been on their books for a very long time.  Please read the article below and let me know what you think.

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The national mortgage delinquency rate sunk to 4.09 percent in the second quarter of this year, representing a near 26 percent decrease from the same quarter last year, according to data from TransUnion.

The delinquency rate, which includes loans that are 60 days or more past due, also showed a 10 percent quarterly decline.

“This marks the third quarter in a row where we have posted all-time highs in terms of delinquency improvement and that is very welcome news for both borrowers and their lenders,” said Tim Martin group VP in TransUnion’s financial services business unit. “Many of the delinquent mortgages we have been tracking have been delinquent for a very long time, so it is encouraging to see this number is coming down so significantly.”

The reduction was widespread across the country, with all states, plus the District of Columbia, experiencing annual declines in their delinquency rates. States showing significant improvements were also states plagued with a high rate of 60-plus delinquencies.

For example, Florida and Nevada held the highest delinquency rates, at 9.87 percent and 7.74 percent, respectively. Though, delinquencies decreased by more than 26 percent in each state. The three states that led with the biggest annual declines overall were Arizona (-41.7 percent), California (-40.8 percent), and Colorado (-35 percent).

To read the complete article please use the link below.

Delinquency Rate

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